Succeeding with Millennials – A Summary of Recent Studies

• In Event: Breakfast with Research Roundtable Forum Session

Abstract

"A large number (44% according to a recent study) of millennials intend to quit their jobs within two years according to a recent Deloitte survey. At the same time, the demand for accounting graduates continues to be high according to reports by the AICPA .

The retirement of many CPA firm partners is bringing about unprecedented career opportunities for millennial CPAs. Millennials represent the best-educated generation ever and will take over leadership positions shortly. Companies often struggle with millennials and complain about their high expectations, lack of willingness to work long hours, and impatience with promotions.

By 2020, millennials (those born between 1980 and 2000) will account for one-third of the adult population in the U.S. whereas baby boomers (those born between 1946 and 1964) will retire in large numbers. These developments disrupt the traditional accounting firm model as new talent is less predictable and may soon pursue a better work/life balance elsewhere.

The purpose of this paper is to review the literature that examines this issue from both employer and employee perspectives. We summarize employer perspectives on hiring and retention of new staff and the strategies firms use to retain millennials. In addition, we review studies that seek to understand the perspectives of millennials in early stages of their careers. The final section of the paper seeks to reconcile the employer and employee perspectives with the goal of improving firm hiring and retention strategies.
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Author

• Norbert Tschakert, Salem State University